brg_admin | Sep 1, 2020 | 0
Beaverton Real Estate: Home prices rise, Buyers Seek Down Payment Options
By Julia Carriott
Think you need a large down payment to purchase a home? Think again. Even if you are not a first time homebuyer there are down payment options available. Two conventional home loans called HomeReady and Home Possible offer 3% down programs.
With HomeReady, this program fits buyers who have low to moderate incomes, first time or repeat buyers, a credit score of 620, have a supplemental border or rental income and even looking to refinance have opportunity within this program.
Home Possible fits a similar buyer, although can also serve buyers in high-cost or underserved communities. Effective July 29th, 2018, the income limits for this program are being revised, so if you are curious, now is the time to learn more.
An additional benefit to both these loan options is the potential for canceling mortgage insurance when reaching a certain percentage of equity. Which is an excellent added feature as it delivers the possibility to put money in a savings account, save for a trip or pay down a debt.
These programs can be a little more lenient on credit score and what is called your debt vs. income factor. If you would like more information, contact Julia Garriott, NMLS #487451, with Eng Lending, 503-730-9090.